Massachusetts Financial Services Co. MA Has $143.71 Million Stock Position in Columbia Banking System, Inc. (NASDAQ:COLB)

Massachusetts Financial Services Co. MA increased its stake in Columbia Banking System, Inc. (NASDAQ:COLBFree Report) by 0.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,079,502 shares of the financial services provider’s stock after buying an additional 26,010 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 3.39% of Columbia Banking System worth $143,714,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Swiss National Bank increased its position in Columbia Banking System by 1.1% during the 2nd quarter. Swiss National Bank now owns 453,721 shares of the financial services provider’s stock worth $9,201,000 after buying an additional 4,900 shares during the period. Headlands Technologies LLC increased its position in shares of Columbia Banking System by 1,272.3% in the second quarter. Headlands Technologies LLC now owns 4,268 shares of the financial services provider’s stock worth $87,000 after purchasing an additional 3,957 shares during the period. Schonfeld Strategic Advisors LLC increased its position in shares of Columbia Banking System by 240.1% in the second quarter. Schonfeld Strategic Advisors LLC now owns 952,593 shares of the financial services provider’s stock worth $19,319,000 after purchasing an additional 672,493 shares during the period. Virtu Financial LLC increased its position in shares of Columbia Banking System by 55.4% in the second quarter. Virtu Financial LLC now owns 14,733 shares of the financial services provider’s stock worth $299,000 after purchasing an additional 5,252 shares during the period. Finally, Barclays PLC increased its position in shares of Columbia Banking System by 8.4% in the third quarter. Barclays PLC now owns 499,969 shares of the financial services provider’s stock worth $10,149,000 after purchasing an additional 38,539 shares during the period. Institutional investors and hedge funds own 89.82% of the company’s stock.

Analysts Set New Price Targets

COLB has been the topic of a number of recent analyst reports. Raymond James cut Columbia Banking System from a “strong-buy” rating to an “outperform” rating and set a $25.00 price target on the stock. in a research report on Thursday, January 25th. Piper Sandler reduced their price objective on Columbia Banking System from $36.00 to $29.00 and set an “overweight” rating on the stock in a research note on Thursday, January 25th. UBS Group reduced their price objective on Columbia Banking System from $28.00 to $21.50 and set a “neutral” rating on the stock in a research note on Friday, January 26th. Truist Financial reduced their price objective on Columbia Banking System from $21.00 to $20.00 and set a “hold” rating on the stock in a research note on Monday, October 23rd. Finally, TheStreet raised Columbia Banking System from a “c+” rating to a “b-” rating in a research note on Thursday, November 30th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $24.13.

Read Our Latest Stock Analysis on COLB

Columbia Banking System Trading Down 2.6 %

Shares of COLB stock opened at $18.58 on Wednesday. The business’s 50-day moving average price is $24.49 and its 200-day moving average price is $21.97. Columbia Banking System, Inc. has a 12 month low of $17.54 and a 12 month high of $32.96. The firm has a market capitalization of $3.88 billion, a price-to-earnings ratio of 11.26 and a beta of 0.73.

Columbia Banking System (NASDAQ:COLBGet Free Report) last posted its quarterly earnings data on Wednesday, January 24th. The financial services provider reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.79 by ($0.35). The company had revenue of $519.16 million during the quarter, compared to analyst estimates of $525.94 million. Columbia Banking System had a return on equity of 10.27% and a net margin of 12.71%. Columbia Banking System’s revenue was up 52.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.93 earnings per share. On average, sell-side analysts predict that Columbia Banking System, Inc. will post 2.38 earnings per share for the current fiscal year.

Columbia Banking System Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 11th. Shareholders of record on Friday, November 24th were issued a $0.36 dividend. The ex-dividend date of this dividend was Wednesday, November 22nd. This represents a $1.44 dividend on an annualized basis and a yield of 7.75%. Columbia Banking System’s payout ratio is currently 87.27%.

Insiders Place Their Bets

In other news, CFO Ron L. Farnsworth acquired 2,500 shares of the firm’s stock in a transaction dated Monday, January 29th. The stock was purchased at an average price of $20.71 per share, for a total transaction of $51,775.00. Following the completion of the acquisition, the chief financial officer now directly owns 160,073 shares in the company, valued at approximately $3,315,111.83. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO Ron L. Farnsworth acquired 2,500 shares of the firm’s stock in a transaction dated Monday, January 29th. The stock was purchased at an average price of $20.71 per share, for a total transaction of $51,775.00. Following the completion of the acquisition, the chief financial officer now directly owns 160,073 shares in the company, valued at approximately $3,315,111.83. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Christopher Merrywell acquired 5,000 shares of the firm’s stock in a transaction dated Tuesday, January 30th. The shares were purchased at an average price of $21.09 per share, with a total value of $105,450.00. Following the acquisition, the vice president now owns 50,727 shares of the company’s stock, valued at $1,069,832.43. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 32,448 shares of company stock worth $670,119. 0.50% of the stock is owned by corporate insiders.

Columbia Banking System Profile

(Free Report)

Columbia Banking System, Inc operates as the holding company of Umpqua Bank that provides commercial and retail banking services. The company offers deposit products, including interest-bearing checking, savings, money market, and certificate of deposit accounts. It also provides home mortgages for purchases and refinances, home equity loans and lines of credit, and other personal loans; and agricultural loans, asset-based loans, builder and other commercial real estate loans, and loans guaranteed by the SBA, as well as offer a suite of business edge loans designed for small businesses to expand, purchase equipment, or in need of working capital.

Further Reading

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Institutional Ownership by Quarter for Columbia Banking System (NASDAQ:COLB)

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